Barnes & Noble exec plans more store closings
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Posted: 01/28/2013
Last Updated:
114 days ago
NEW YORK - Barnes & Noble reportedly plans to continue to shrink its store base.
The head of Barnes & Noble's retail group, Mitchel Klipper, says in an interview published Monday in The Wall Street Journal that the company will have 450 to 500 stores in a decade. That's down from about 689 currently.
Klipper said the chain plans to close about 20 stores a year over the period.
Barnes & Noble is the largest traditional U.S. bookstore operator. But it has been facing tough competition from online retailers and discounters. It has been focusing on its Nook tablet and e-book business for growth.
A spokeswoman for Barnes & Noble said Klipper's remarks don't mark any change in its store closing plan.
Its shares dropped 32 cents to $12.85 in midday trading Monday.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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